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Superfunds May 2015
D
elving into the current issues
surrounding insurance cover in
superannuation, speakers at the
ASFA Unpacks seminar discussed topics
including ways to streamline the claims
process, looking at insurance from a
consumer perspective, problems with
definitions, best practice and developing
excellence in insurance. The open forum
covered the perspectives of lawyers, insurers
and trustees, along with the Australian
Prudential Regulation Authority (APRA).
IMPROVING THE CLAIMS PROCESS
At the seminar, Howard Williams, senior manager,
corporate and institutional wealth with MLC
Group Claims, stated the propensity for claims to
be tedious for the member stems from a lack of
communication between insurers and trustees,
along with poor management of members
expectations.
He stated that understanding a member’s
need and assisting with rehabilitation back into
the workforce rather than relying on a total and
permanent disability (TPD) definition will begin to
ease the process. “Rehabilitation should happen
at the earliest point, as soon as the claim is
notified,” Williams said.
“Employers and insurers should encourage
members to return to work and apply early
intervention in their workers’ rehabilitation.
Studies have shown that those that have been out
of work over a year have a higher mortality risk
than someone who returns to work immediately.”
Williams also outlined an allied health initiative
that would work throughout a claimant’s injury,
with early intervention following the claim
lodgement through to home visits by nurses.
DEFINITIONS
Redefining the approach to TPD was also
discussed by Adrian Rees, general manager,
diversified institutions division, APRA. Rees
specifically detailed the issues associated with the
definition from a regulatory standpoint. “Both
trustees and life insurers have told us there is a
definite need for definitions to be addressed.
[APRA’s] general observation is that the current
definitions we have were made a long time ago
and for very different market conditions to what
we have today. Our system has evolved and
changed, becoming more complex over time.”
ASFA puts plaintiff law
firms on notice
ASFA has written to all state and territory
law societies, as well as to the Australian
Lawyers Alliance (formerly the Australian
Plaintiff Lawyers Association), to express
its concern regarding a number of
cases involving law firms commencing
proceedings for a TPD benefit against
superannuation funds where no prior claim
had been made by the member.
For more information, contact Jon
Echevarria at jechevarria@superannuation.
asn.au.
Victoria Weekes
PaulineVamos